Business

Q1 FDI in HCMC up 56.7%

Released at: 10:16, 10/04/2017

Illustrative image (Source: hanoimoi.com.vn

Malaysia tops FDI sources, with over $44 million, or 33.3%.

by Nguyen Quoc

Ho Chi Minh City attracted foreign direct investment (FDI) capital of $574.71 million in the first quarter of 2017, a year-on-year increase of 56.7 per cent, the Vietnam News Agency cited a source from the city’s Department of Planning and Investment as reporting.

The city granted investment certificates to 141 projects with total investment of $133 million and 42 existing projects with combined additional capital of over $89 million. It also approved 401 foreign investors’ registrations to contribute capital, purchase shares, or buy back financial contributions from the city’s enterprises to the tune of $352 million.

Malaysia topped the city’s FDI sources, with over $44 million (33.3 per cent of the total), followed by Japan with $29 million (22 per cent) and the Netherlands with $16 million (12 per cent). Information and communications was the top sector, luring $51.77 million, or 38.7 per cent; 3.1-fold higher year-on-year.

The Department has launched an online investment registration system for foreign investors who wish to contribute capital to enterprises in the city. After five months, the system has received 432 applications. The second phase of the program will include other procedures.

Regarding domestic investment, more than 7,900 new enterprises with total registered capital of VND99.4 trillion ($4.3 billion) were licensed by the city, up 14 per cent and 61.7 per cent, respectively, year-on-year.